Posts written in December 2015

In the 1980s, Europeans and Americans started to get hooked on debt to afford their lifestyle. Newly available bank loans, a wide range of mortgages and credit cards suddenly became a necessity. At that time Robert Dall, a mortgage trader at Salomon Brothers, started to mix two or more types of mortgages together and re-sell them in the global financial markets. In an interview with BBC Panorama in 2015, Dall pointed out that “some mortgages were real and others were phoney” and “the market did not understand the difference between… Read more